THE Southsea Industrial Energy Corporation, a Filipino-owned company, is pouring in P471 million investments in one of the provinces in the Autonomous Region in Muslim Mindanao (Armm).
This, as the company is putting up mini-oil refinery in Tawi-Tawi, one of the five provinces in Armm.
Armm Governor Mujiv Hataman said the project, which includes a depot, will be constructed in the village of Tubig Indangan, Simunul, Tawi-Tawi.
The Regional Board of Investment (RBOI) has already provisionally approved the project pending the release of an endorsement by the Department of Energy (DOE), which is expected to be issued by the end of this month.
The commercial operation of the mini oil-refinery would start in the last quarter of 2017 and would generate at least 100 jobs.
Hataman noted the Southsea will put up the first of its kind mini oil-refinery in the country using new technology from South Korea with the assistance of a South Korean technical partner.
The governor said the private sector investments in the Armm reached a total of P6.5 billion this year with the registration of the Southsea Industrial Energy Corporation.
Lawyer Ishak Mastura, RBOI-Armm chairman, said investments in the region have been increasing despite the uncertainty of the approval of the proposed Bangsamoro Basic Law.
Mastura said they recorded an increase of roughly 68 percent in the total value of investments, or PhP6.5 billion this year compared with last year’s PhP3.87 billion.
He said a total of 4,894 jobs, which is about 43 percent higher compared with last year’s 3,433 jobs, have been recorded this year.